What is Inflation
Inflation is created through excessive money creation. That is to say, money supply is in excess of economic output. Let’s say GDP grows at 2 percent. If the money supply increases by 3 percent, we could expect inflation.
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GDP: Definition, How to Calculate & Characteristics
Gross Domestic Product (GDP) refers to a nations economic output, including the goods it produces and services it sells.
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Natural Monopoly: Definition, Characteristics & Examples
A natural monopoly occurs when there are high fixed costs meaning that it is unprofitable for more than one to be present in the market.
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Oligopoly: Definition, Characteristics & Examples
Oligopoly is derived from the Latin ‘olígoi’ – meaning “few”, and ‘pōléō’ – meaning “to sell”. So loosely translated, it means ‘few sellers’. This is a key characteristic of oligopolistic markets as it is defined by a few firms dominating the market.
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Tariffs: Definition, Types & Example
A tariff is a tax that the government imposes on imported goods.
What is Supply and Demand?
Supply and demand. Demand and supply. However you call it, they both interact with each other. So what is supply and demand? Simply put, supply and demand relates to the relationship between, the amount of products/services produced, the amount that people want, and the impact that has on prices.
Opportunity Cost: What it is, Types & Examples
Opportunity cost is the price we pay to take one action over another.
Structural Unemployment: (Definition, 3 Causes & Example)
Structural unemployment occurs when there is a change in the economic demand for a set skill or job.
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Cyclical Unemployment: (What it is, 3 Causes & Example)
Cyclical unemployment is where unemployment trends in line with the business cycle.
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Fundamental Attribution Error: (What it is & 3 Examples)
The fundamental attribution error is where we think the cause of an individuals action is because of their personality. However, it is in fact due to something else.
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